No-deal Brexit means austerity may have been for free and Tory leadership pledges worthless

Boris Johnson and Jeremy Hunt have been warned through the Chancellor that there won't be any extra money to satisfy their spending pledges in case of a no-deal Brexit.

Since the Conservatives found government this year, national debt has grown from lb1 trillion to lb1.8 trillion. Despite subjecting the country to punishing austerity.

Austerity continues to be linked to growing inequality, 130,000 preventable deaths since 2010 according to the Institute for Public Policy Research, and cut-backs on public services from the NHS to schools and policing.

Austerity policies have resulted in nine many years of slower growth and left all of us lb1,495 annually worse off, analysis by The brand new Economics Foundation has revealed.

And with the Tory leadership candidates vying to please the Brexit ultras in the party ranks, the possibilities of a no-deal Brexit is definitely an actual possibility. – Which have rendered the shortfall in public places spending of history nine years that resulted in cuts in social services and UK councils' school field, playground and library sell-offs etc utterly pointless as a lot more of an opening in public finances beckons.

Philip Hammond has warned told the Tory leadership contenders that the “fiscal firepower” that has been stocked up is going to be needed entirely to counteract the results of departing without a deal.

Both candidates have made costly pledges because they vie to replace Theresa May as prime minister.

Writing on Twitter on Monday, Hammond said: “The 'fiscal firepower' we have built up in case of a no-deal Brexit will only be available for extra spending when we leave by having an orderly transition.

“If not, it'll all be needed to plug the opening a no-deal Brexit will make in the public finances.”

Foreign Secretary Jeremy Hunt and frontrunner Boris Johnson both say they are ready to take the UK out of the EU with no deal.

Johnson has taken a far more hardline approach, saying the exit must happen through the Halloween deadline “do or die”, but Hunt said he would ask for a delay – but only if a deal was at sight.

Both have pledged tax cuts and spending plans too, Johnson signalling he would be prepared to increase borrowing to finance infrastructure projects.

Hammond's warning uses Hunt prepared to announce a lb6 billion war chest to deal with a no-deal Brexit.

Hunt has also pledged cuts to corporation tax at an estimated price of lb13 billion per year in the short term as well as an rise in defence spending to cost an additional lb15 billion in four years.

He has additionally pledged to provide a tax cut to earners on more than lb50,000, a move which was criticised as benefiting the top 10% of earners and costing a suggested lb9 billion.

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